Tuesday, July 20, 2010
July Rent Check
Check out the July issue of Rent Check, our monthly newsletter. Subscribe here to get the latest news on DC real estate and neighborhoods, expert interviews and more.
Calling All Condo Owners: New Q&A Feature
Thinking about renting out your condo? From marketing to background checks to leases, the process is often challenging and confusing. That's why we're launching a new Q&A blog feature just for condo owners. You submit your questions and Richard Gersten, our founder and managing partner, will answer the best ones here on our blog each month.
Have a question? Here are 4 ways to send it to us:
1. Add it as a comment to this blog post.
2. Post it on our Facebook page.
3. Tweet it to @urban_igloo.
4. Email it to info@urbanigloo.com; please include your name and put "Condo Owner Q&A" in the subject line.
Join us every month as we answer questions on common issues faced by landlords -- and take some of the guesswork out of finding a renter for your property.
Have a question? Here are 4 ways to send it to us:
1. Add it as a comment to this blog post.
2. Post it on our Facebook page.
3. Tweet it to @urban_igloo.
4. Email it to info@urbanigloo.com; please include your name and put "Condo Owner Q&A" in the subject line.
Join us every month as we answer questions on common issues faced by landlords -- and take some of the guesswork out of finding a renter for your property.
Monday, July 19, 2010
Brookland's Pastoral Peace
In the latest installment of its Neighborhood Profile series, UrbanTurf takes a look at DC's Brookland neighborhood. The authors defined its boundaries as "...8th Street to the west, Franklin Street and Rhode Island Avenue to the south, South Dakota Avenue to the east and Michigan Avenue to the north." Brookland, which the authors compare to a small Midwestern town, is characterized by "...wide, leafy residential streets, expansive front yards and minimal commercial presence." Combined with its wide variety of properties, its small town appeal makes Brookland popular among both renters and buyers.
But things may be changing in this sleepy corner of DC; in the next several years, three mixed-use developments--including one from Abdo Development--are scheduled to go up in Brookland. While some are excited about the arrival of new shopping outlets and other amenities, others are concerned that their neighborhood will lose its Midwest-like appeal, falling to "traffic, noise and trash.”
We won't get the final verdict on Brookland for a while, though. We'll have to check back in about five years when much of the new development is complete, suggests UrbanTurf.
But things may be changing in this sleepy corner of DC; in the next several years, three mixed-use developments--including one from Abdo Development--are scheduled to go up in Brookland. While some are excited about the arrival of new shopping outlets and other amenities, others are concerned that their neighborhood will lose its Midwest-like appeal, falling to "traffic, noise and trash.”
We won't get the final verdict on Brookland for a while, though. We'll have to check back in about five years when much of the new development is complete, suggests UrbanTurf.
Neighborhood Expert Interview: Lydia DePillis of City Paper’s Housing Complex
Providing comprehensive coverage of the DC housing market in the form of frequent, short blog posts is not easy. But Lydia DePillis, author of Washington City Paper's Housing Complex blog, is up to the challenge.
From rental trends to neighborhood committee meetings, Lydia stays on top of DC real estate happenings every day. Delivered with subtle tongue in cheek commentary, her reporting has made "Housing Complex" DC's source for a refreshing take on local real estate.
We had the chance to sit down with Lydia, who spoke to us about improving the city's "livability," why Anacostia is "DC's Williamsburg" and more.
Thanks for joining us, Lydia. Prior to taking the reins at Housing Complex, you covered real estate for The New York Observer. Tell us about the big differences you see between the NY and DC rental markets.
I haven’t dealt much with the consumer side of the rental market in D.C., or been around long enough to have a great sense of the long-term dynamics.
A few thoughts though. Both cities some similar fundamentals, like strong rent control laws
(though D.C. may have stronger tenant protections) and a large transient, upwardly mobile population that may rent for a few years in either city before moving on. New York, however, is much more a place of extremes: Absurdly high rents, fashionable addresses, competitive brokers, etc. New York also has cooler places to live further out; Bushwick can have as much cachet as Murray Hill in some circles, while living in Crystal City over Columbia Heights is probably a function of convenience in D.C. Finally, as far as housing options, the group row house is a much more common form of affordable rental in D.C.—we lack the high-rise towers, but are rich in communal residences that are often perfect for younger people with social lifestyles.
Your column covers a wide range of housing topics. In your opinion, what are the biggest issues currently affecting DC real estate?
The most dominant influence is certainly the influx of jobs created by the federal government: It’s kept prices high relative to sickly markets around the country, and pushed demand into areas that federal workers before would have overlooked. Thus, vast swaths of the city are rapidly gentrifying and the housing market is pretty tight, giving developers the confidence to start new residential projects in emerging neighborhoods.
The city government also has a powerful set of regulatory tools that shape the real estate landscape, from inclusionary zoning to zoning overlays, revenue bonds to tax incentives (and disincentives—a particularly powerful example is the vacant property tax, which is encouraging landowners to lease their spaces rather than pay the city while they sit empty). The city is a huge force in the development of most parts of the city.
And when thinking about real estate, it’s impossible to discount the importance of schools. Families with enough means to have some flexibility in their housing choices but not enough to send their children to private school will absolutely go out of their way to live in a good school district, even if that means moving out of the District. It’s probably the biggest thing for D.C. to work on both in order to increase opportunities for current residents and keep families here when they have children.
You recently wrote about DDOT's Livability Program, whose goal is to make DC neighborhoods more livable through transit-specific improvements. In your opinion, what are some other changes that could be made in order to improve the quality of life for DC residents?
Well now, that’s a big question. I’ll take a stab at a few parts of it.
First of all, that post was written by one of our excellent interns, Alex Baca. She did a good job of capturing what priorities the people in the far Southeast have for their neighborhoods: Things like sidewalks and better public transit routes downtown. Transportation is perhaps the most central part of livability, because it shapes so much of how we’re able to operate and what we’re able to build. The availability of parking, for example, is a huge factor in every development and business decision, which I think is a shame—so many good projects are scaled down because they would have traffic impacts that are unacceptable to the neighborhood. In order to get around that, D.C. needs to have a robust network of “alternatives” (which have the added livability benefit of making D.C.’s oppressive air less likely to strangle you).
Other quality of life issues: Cleaning up the Anacostia River so people can enjoy its banks. Creating friendly, welcoming public spaces where people gather. Deterring crime so residents feel safe in their neighborhoods. Supporting affordable housing. Encouraging local businesses to occupy the many vacant storefronts that infect commercial corridors from H Street to Georgia Avenue. The list goes on forever!
Another one of your recent articles, "Homeownership! Huh! What Is It Good For?" examines the rent-buy dilemma. Describe the demographics and other characteristics of a good candidate for renting.
That post was more focused on the societal impact of homeownership, which some journalists and academics have started to reexamine in the wake of the housing crash. From a consumer standpoint, the takeaway is this: In the modern, more fluid economy, where young people may stay in jobs for only a few years before moving rather than sticking with one company for their entire lives, it makes more sense not to be as tied down by a house and a mortgage. I think, though, that it’s less about who should rent or who should buy than considering, if you do have the financial resources to buy, how to make a smart investment. Owning real estate is still one of the better ways to build assets, even if you don’t want to live in one house or condo for the rest of your life. If that’s the case, a buyer just needs to consider whether the house will hold its value in the short term as well.
In UrbanTurf's "Neighborhoods of 2015" compilation, you wrote that Mt. Pleasant is the up-and-coming neighborhood to keep an eye on. Any others that have caught your attention?
Yes—the other neighborhood I pointed out for that UrbanTurf feature was historic Anacostia, where there’s so much room to grow. The coming wave of federal workers to the St. Elizabeth’s campus will fundamentally reshape neighborhoods from Congress Heights to Poplar Point, with Anacostia as the epicenter, if city leaders and local entrepreneurs can find a way to retain some of that wealth on the eastern side of the river. It already has a metro stop, a streetcar on the way, and plenty of spaces for new, creative businesses. I really do think it’s D.C.’s Williamsburg, whatever you may think about that as a model for development.
I also agree with some of the other projections in UrbanTurf’s feature—Brookland is clearly on its way up, and it seems like a new café wants to open up near Truxton Circle every week. I’m less bullish on the big, glassy areas like Capitol Riverfront, Navy Yards, and Rosslyn though. They may have residential capacity, but it’s going to take a while before they develop the kind of neighborhood character that attracts people who really want to put down roots.
---
Read last month’s interview with Mark Wellborn and Will Smith of DC real estate website UrbanTurf.
From rental trends to neighborhood committee meetings, Lydia stays on top of DC real estate happenings every day. Delivered with subtle tongue in cheek commentary, her reporting has made "Housing Complex" DC's source for a refreshing take on local real estate.
We had the chance to sit down with Lydia, who spoke to us about improving the city's "livability," why Anacostia is "DC's Williamsburg" and more.
Thanks for joining us, Lydia. Prior to taking the reins at Housing Complex, you covered real estate for The New York Observer. Tell us about the big differences you see between the NY and DC rental markets.
I haven’t dealt much with the consumer side of the rental market in D.C., or been around long enough to have a great sense of the long-term dynamics.
A few thoughts though. Both cities some similar fundamentals, like strong rent control laws
(though D.C. may have stronger tenant protections) and a large transient, upwardly mobile population that may rent for a few years in either city before moving on. New York, however, is much more a place of extremes: Absurdly high rents, fashionable addresses, competitive brokers, etc. New York also has cooler places to live further out; Bushwick can have as much cachet as Murray Hill in some circles, while living in Crystal City over Columbia Heights is probably a function of convenience in D.C. Finally, as far as housing options, the group row house is a much more common form of affordable rental in D.C.—we lack the high-rise towers, but are rich in communal residences that are often perfect for younger people with social lifestyles.Your column covers a wide range of housing topics. In your opinion, what are the biggest issues currently affecting DC real estate?
The most dominant influence is certainly the influx of jobs created by the federal government: It’s kept prices high relative to sickly markets around the country, and pushed demand into areas that federal workers before would have overlooked. Thus, vast swaths of the city are rapidly gentrifying and the housing market is pretty tight, giving developers the confidence to start new residential projects in emerging neighborhoods.
The city government also has a powerful set of regulatory tools that shape the real estate landscape, from inclusionary zoning to zoning overlays, revenue bonds to tax incentives (and disincentives—a particularly powerful example is the vacant property tax, which is encouraging landowners to lease their spaces rather than pay the city while they sit empty). The city is a huge force in the development of most parts of the city.
And when thinking about real estate, it’s impossible to discount the importance of schools. Families with enough means to have some flexibility in their housing choices but not enough to send their children to private school will absolutely go out of their way to live in a good school district, even if that means moving out of the District. It’s probably the biggest thing for D.C. to work on both in order to increase opportunities for current residents and keep families here when they have children.
You recently wrote about DDOT's Livability Program, whose goal is to make DC neighborhoods more livable through transit-specific improvements. In your opinion, what are some other changes that could be made in order to improve the quality of life for DC residents?
Well now, that’s a big question. I’ll take a stab at a few parts of it.
First of all, that post was written by one of our excellent interns, Alex Baca. She did a good job of capturing what priorities the people in the far Southeast have for their neighborhoods: Things like sidewalks and better public transit routes downtown. Transportation is perhaps the most central part of livability, because it shapes so much of how we’re able to operate and what we’re able to build. The availability of parking, for example, is a huge factor in every development and business decision, which I think is a shame—so many good projects are scaled down because they would have traffic impacts that are unacceptable to the neighborhood. In order to get around that, D.C. needs to have a robust network of “alternatives” (which have the added livability benefit of making D.C.’s oppressive air less likely to strangle you).
Other quality of life issues: Cleaning up the Anacostia River so people can enjoy its banks. Creating friendly, welcoming public spaces where people gather. Deterring crime so residents feel safe in their neighborhoods. Supporting affordable housing. Encouraging local businesses to occupy the many vacant storefronts that infect commercial corridors from H Street to Georgia Avenue. The list goes on forever!
Another one of your recent articles, "Homeownership! Huh! What Is It Good For?" examines the rent-buy dilemma. Describe the demographics and other characteristics of a good candidate for renting.
That post was more focused on the societal impact of homeownership, which some journalists and academics have started to reexamine in the wake of the housing crash. From a consumer standpoint, the takeaway is this: In the modern, more fluid economy, where young people may stay in jobs for only a few years before moving rather than sticking with one company for their entire lives, it makes more sense not to be as tied down by a house and a mortgage. I think, though, that it’s less about who should rent or who should buy than considering, if you do have the financial resources to buy, how to make a smart investment. Owning real estate is still one of the better ways to build assets, even if you don’t want to live in one house or condo for the rest of your life. If that’s the case, a buyer just needs to consider whether the house will hold its value in the short term as well.
In UrbanTurf's "Neighborhoods of 2015" compilation, you wrote that Mt. Pleasant is the up-and-coming neighborhood to keep an eye on. Any others that have caught your attention?
Yes—the other neighborhood I pointed out for that UrbanTurf feature was historic Anacostia, where there’s so much room to grow. The coming wave of federal workers to the St. Elizabeth’s campus will fundamentally reshape neighborhoods from Congress Heights to Poplar Point, with Anacostia as the epicenter, if city leaders and local entrepreneurs can find a way to retain some of that wealth on the eastern side of the river. It already has a metro stop, a streetcar on the way, and plenty of spaces for new, creative businesses. I really do think it’s D.C.’s Williamsburg, whatever you may think about that as a model for development.
I also agree with some of the other projections in UrbanTurf’s feature—Brookland is clearly on its way up, and it seems like a new café wants to open up near Truxton Circle every week. I’m less bullish on the big, glassy areas like Capitol Riverfront, Navy Yards, and Rosslyn though. They may have residential capacity, but it’s going to take a while before they develop the kind of neighborhood character that attracts people who really want to put down roots.
---
Read last month’s interview with Mark Wellborn and Will Smith of DC real estate website UrbanTurf.
Tuesday, June 22, 2010
June Rent Check
Read the June issue of Rent Check, our monthly newsletter. If you haven't subscribed yet, sign up here to get the latest news on DC real estate and neighborhoods.
Wednesday, June 16, 2010
Real Estate Expert Interview: UrbanTurf
UrbanTurf is increasingly the go-to publication for DC real estate watchers. From the best in newly listed properties to noteworthy market trends, co-founders Mark Wellborn and Will Smith are constantly revealing the pulse of DC’s real estate scene.
We chatted with Mark and Will about common apartment hunting mistakes, the no-smoking property trend, and neighborhoods they consider to be DC’s best kept secrets.
Thanks for joining us, Will and Mark. Tell us a little about UrbanTurf. When and why did you launch it? Who is your audience?
UrbanTurf is an online publication that covers residential real estate in the DC metro area.
UrbanTurf was founded in late 2008 because we felt that a publication did not exist that provided the type of residential news that DC residents are really interested in. Every day we post four to five articles on a variety or real estate oriented topics that range from interesting trends going on in the area market to hand-picked properties that we think are great deals to profiles of specific neighborhoods or new condo and apartment projects. Our audience has grown from prospective home buyers and sellers, real estate agents and developers to include anyone that has an interest in what is going on in the DC residential real estate scene.
You recently wrote about the growing number of DC area apartment buildings that are banning smoking. What pros and cons should landlords take into account when considering a no-smoking policy?
Aside from the obvious con that you will immediately exclude smokers from renting in your building – which landlords may actually want – some prospective renters may object philosophically to the idea that they are prohibited from certain behavior within their own home, even if they themselves don’t smoke. Also, if a renter wants to have a party or has friends who smoke, they might feel that the rule could cramp their ability to play host.
All that said, I think the pros outweigh the cons. The amount of non-smokers who hate smoking and welcome a 100% smoke-free building is large. We’ve spoken with a fair amount of people who would even pay a premium to live in such a building.
One of UrbanTurf's regular features is "Neighborhood Profiles". Which neighborhoods do you consider to be DC's best kept secrets today?
Hillcrest in far Southeast near the Maryland border is a charming residential neighborhood with attractive single-family homes that are priced at levels almost unheard of within the city’s borders. It has a suburban feel, so having a car is necessary, but for a young family that wants a reasonable priced house in the city proper, Hillcrest is a hidden gem.
For a more urban option, the “neglected” quadrant of Southwest is affordable (by DC standards) and very well located. It doesn’t have much in the way of bar and restaurant options, but it has two Metro stops, a shiny new Safeway, and the waterfront, Nationals Park, and the Mall are all within walking distance. It’s a great neighborhood for people who like the idea of having the hustle and bustle a short ride away, but enjoy coming home to a quiet neighborhood. Also, there are very big plans afoot for redeveloping Southwest, though they will take years to come to fruition.
Which neighborhoods are you most interested in watching over the next 5 years?
Historic Anacostia, Brookland and Trinidad.
In your opinion, what are the biggest mistakes that renters make when apartment hunting?
Just like home buyers, renters are prone to think that regardless how good something is, something better is just around the corner. In today’s rental and home buying market, if something good comes along and you don’t jump on it, it will be gone before you have the chance to reconsider. The demand is just too high and the supply too low. So, if something that you really like comes along, don’t wait to sign on the dotted line.
Any noteworthy trends you're foreseeing in the DC rental market for the rest of 2010?
Assuming the economy continues to improve, rents are likely to increase a little over the next 12 to 24 months. A lot of the condo projects that converted to apartments when the real estate market hit the skids have spent the last couple years attracting tenants by offering aggressive incentives like a month or two of free rent. Many of those apartments have finally “leased up”, so landlords are no longer as desperate to find tenants. It’s not that rents will shoot up a lot, but the time for renters to get the very best deals has come and gone.
Read last month’s interview with Matt Rhoades and Luis Gomez of DC blog Borderstan.
Are you a local real estate expert interested in sharing insights and tips with thousands of renters, landlords, and other Urban Igloo followers? We’d love to interview for our blog and newsletter! Contact us today at info@urbanigloo.com.
We chatted with Mark and Will about common apartment hunting mistakes, the no-smoking property trend, and neighborhoods they consider to be DC’s best kept secrets.
Thanks for joining us, Will and Mark. Tell us a little about UrbanTurf. When and why did you launch it? Who is your audience?
UrbanTurf is an online publication that covers residential real estate in the DC metro area.
UrbanTurf was founded in late 2008 because we felt that a publication did not exist that provided the type of residential news that DC residents are really interested in. Every day we post four to five articles on a variety or real estate oriented topics that range from interesting trends going on in the area market to hand-picked properties that we think are great deals to profiles of specific neighborhoods or new condo and apartment projects. Our audience has grown from prospective home buyers and sellers, real estate agents and developers to include anyone that has an interest in what is going on in the DC residential real estate scene.You recently wrote about the growing number of DC area apartment buildings that are banning smoking. What pros and cons should landlords take into account when considering a no-smoking policy?
Aside from the obvious con that you will immediately exclude smokers from renting in your building – which landlords may actually want – some prospective renters may object philosophically to the idea that they are prohibited from certain behavior within their own home, even if they themselves don’t smoke. Also, if a renter wants to have a party or has friends who smoke, they might feel that the rule could cramp their ability to play host.
All that said, I think the pros outweigh the cons. The amount of non-smokers who hate smoking and welcome a 100% smoke-free building is large. We’ve spoken with a fair amount of people who would even pay a premium to live in such a building.
One of UrbanTurf's regular features is "Neighborhood Profiles". Which neighborhoods do you consider to be DC's best kept secrets today?
Hillcrest in far Southeast near the Maryland border is a charming residential neighborhood with attractive single-family homes that are priced at levels almost unheard of within the city’s borders. It has a suburban feel, so having a car is necessary, but for a young family that wants a reasonable priced house in the city proper, Hillcrest is a hidden gem.For a more urban option, the “neglected” quadrant of Southwest is affordable (by DC standards) and very well located. It doesn’t have much in the way of bar and restaurant options, but it has two Metro stops, a shiny new Safeway, and the waterfront, Nationals Park, and the Mall are all within walking distance. It’s a great neighborhood for people who like the idea of having the hustle and bustle a short ride away, but enjoy coming home to a quiet neighborhood. Also, there are very big plans afoot for redeveloping Southwest, though they will take years to come to fruition.
Which neighborhoods are you most interested in watching over the next 5 years?
Historic Anacostia, Brookland and Trinidad.
In your opinion, what are the biggest mistakes that renters make when apartment hunting?
Just like home buyers, renters are prone to think that regardless how good something is, something better is just around the corner. In today’s rental and home buying market, if something good comes along and you don’t jump on it, it will be gone before you have the chance to reconsider. The demand is just too high and the supply too low. So, if something that you really like comes along, don’t wait to sign on the dotted line.
Any noteworthy trends you're foreseeing in the DC rental market for the rest of 2010?
Assuming the economy continues to improve, rents are likely to increase a little over the next 12 to 24 months. A lot of the condo projects that converted to apartments when the real estate market hit the skids have spent the last couple years attracting tenants by offering aggressive incentives like a month or two of free rent. Many of those apartments have finally “leased up”, so landlords are no longer as desperate to find tenants. It’s not that rents will shoot up a lot, but the time for renters to get the very best deals has come and gone.
Read last month’s interview with Matt Rhoades and Luis Gomez of DC blog Borderstan.
Are you a local real estate expert interested in sharing insights and tips with thousands of renters, landlords, and other Urban Igloo followers? We’d love to interview for our blog and newsletter! Contact us today at info@urbanigloo.com.
Bozzuto’s Julie Smith on Smart Property Management
Responsible for a portfolio of more than 30,000 units in nearly 100 apartment communities on the East Coast, few know the ins and outs of property management better than Julie Smith. She is President of Bozzuto Management Company, named “Property Management Company of the Year” by the National Association of Home Builders (NAHB) in 2009.
We recently spoke with Julie about how to keep renters happy, the rise of ‘green’ apartment living, and questions to ask when apartment hunting.
Your team at Bozzuto has a reputation for world-class customer service in the apartment market. What advice do you have for DC area landlords and property managers on keeping renters happy?
First and foremost,
we believe that it is our responsibility to provide a friendly and enjoyable living environment for the residents who live in our buildings. So having property teams that are engaged, committed, creative, enthusiastic and willing to go the extra mile to ensure that all of our residents are cared for is most important in keeping residents happy. Prompt, professional and competent service is key and also expected, in any building. Home is a very personal thing and each resident is unique in what they value and what they need. So taking the time to get to know our residents and to understand what is important to them wins a lot of loyalty at the end of the day.
Bisnow reported recently that you're hiring a lot of new college grads in order to better connect with tenants in their 20s. What unique needs do Gen Y renters have?
Over 90% of our new hires are recent graduates and they do understand what is important to their peers. We have found that the Gen Y renters value quality, understand design and style, are very social and enjoy getting to know their neighbors so connecting residents is more important than ever. They are tech-savvy and are connected 24/7 so we need to be as well. They are also very interested in giving back to their communities and value measures taken to conserve resources.
What questions should DC apartment hunters ask landlords to ensure they find a well-managed property?
It is important to understand the service policies regarding general and emergency maintenance requests. They should know what other services and amenities will be available to them. It would be useful to take the time to meet all of the staff members who will be serving them. They need to understand the lease requirements and should feel comfortable asking for clarification if there is something in the agreement that they do not understand. It would beneficial to speak with a few other residents about their experience in the building. They also might want to spend a little time using an amenity like the fitness center or the pool to get a sense of how the community lives. They might also ask what the occupancy and resident retention rates area. Our business is a customer retention business and repeat customers typically are happy ones!
Your West End and Crystal City properties have been getting a lot of buzz for their focus on green living. Do you see sustainable design as a trend that's catching on in the DC apartment market? Is it important to renters?
Green living is important to renters and it is a movement that is becoming more prevalent in apartment living. Healthy living is also very important to our renters. So whether a new building is LEED certified or an existing community is simply taking measures to conserve resources and educate their residents on sustainability, there is perceived value in the opportunity to participate in the process and we are finding that renters across the spectrum are aware and engaged in becoming more Green!
Any other interesting trends you're seeing these days in the DC rental market?
I think that the most widespread trend is in technology. We are seeing an increasing use of technology in all aspects of property operations. We are using mobile applications for marketing apartments, we are using I-Pads in our presentations, we are using Resident Portals as a convenient vehicle for providing service to our residents and social networking sites to keep everyone informed. It is one of the most interesting and fast-moving trends in our industry today.
---
Read last month’s interview with Jim Abdo, CEO of Abdo Development.
Are you a local real estate expert interested in sharing insights and tips with thousands of renters, landlords, and other Urban Igloo followers? We’d love to interview for our blog and newsletter! Contact us today at info@urbanigloo.com.
We recently spoke with Julie about how to keep renters happy, the rise of ‘green’ apartment living, and questions to ask when apartment hunting.
Your team at Bozzuto has a reputation for world-class customer service in the apartment market. What advice do you have for DC area landlords and property managers on keeping renters happy?
First and foremost,
we believe that it is our responsibility to provide a friendly and enjoyable living environment for the residents who live in our buildings. So having property teams that are engaged, committed, creative, enthusiastic and willing to go the extra mile to ensure that all of our residents are cared for is most important in keeping residents happy. Prompt, professional and competent service is key and also expected, in any building. Home is a very personal thing and each resident is unique in what they value and what they need. So taking the time to get to know our residents and to understand what is important to them wins a lot of loyalty at the end of the day.Bisnow reported recently that you're hiring a lot of new college grads in order to better connect with tenants in their 20s. What unique needs do Gen Y renters have?
Over 90% of our new hires are recent graduates and they do understand what is important to their peers. We have found that the Gen Y renters value quality, understand design and style, are very social and enjoy getting to know their neighbors so connecting residents is more important than ever. They are tech-savvy and are connected 24/7 so we need to be as well. They are also very interested in giving back to their communities and value measures taken to conserve resources.
What questions should DC apartment hunters ask landlords to ensure they find a well-managed property?
It is important to understand the service policies regarding general and emergency maintenance requests. They should know what other services and amenities will be available to them. It would be useful to take the time to meet all of the staff members who will be serving them. They need to understand the lease requirements and should feel comfortable asking for clarification if there is something in the agreement that they do not understand. It would beneficial to speak with a few other residents about their experience in the building. They also might want to spend a little time using an amenity like the fitness center or the pool to get a sense of how the community lives. They might also ask what the occupancy and resident retention rates area. Our business is a customer retention business and repeat customers typically are happy ones!
Your West End and Crystal City properties have been getting a lot of buzz for their focus on green living. Do you see sustainable design as a trend that's catching on in the DC apartment market? Is it important to renters?
Green living is important to renters and it is a movement that is becoming more prevalent in apartment living. Healthy living is also very important to our renters. So whether a new building is LEED certified or an existing community is simply taking measures to conserve resources and educate their residents on sustainability, there is perceived value in the opportunity to participate in the process and we are finding that renters across the spectrum are aware and engaged in becoming more Green!
Any other interesting trends you're seeing these days in the DC rental market?
I think that the most widespread trend is in technology. We are seeing an increasing use of technology in all aspects of property operations. We are using mobile applications for marketing apartments, we are using I-Pads in our presentations, we are using Resident Portals as a convenient vehicle for providing service to our residents and social networking sites to keep everyone informed. It is one of the most interesting and fast-moving trends in our industry today.
---
Read last month’s interview with Jim Abdo, CEO of Abdo Development.
Are you a local real estate expert interested in sharing insights and tips with thousands of renters, landlords, and other Urban Igloo followers? We’d love to interview for our blog and newsletter! Contact us today at info@urbanigloo.com.
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